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Abdulmohsen Alhokair Group for Tourism and Development announces its interim Financial results for the period ending on 2018-09-30 ( Nine Months )

Default Company 1820.B 0.00% 0.00 0.00

Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 315.5 316.1 -0.189 307.6 2.568
Total Profit (Loss) 75.3 79.6 -5.402 70.1 7.417
Profit (Loss) Operational 0.64 7.2 -91.111 -1.2 -
Net Profit (Loss) after Zakat and Tax 1.9 9 -78.888 3.1 -38.709
Total Comprehensive Income 1.9 9 -78.888 3.1 -38.709
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Sales/Revenue 894.1 863.8 3.507
Total Profit (Loss) 202.5 221.6 -8.619
Profit (Loss) Operational -7.9 23.9 -
Net Profit (Loss) after Zakat and Tax -2.5 31.8 -
Total Comprehensive Income -2.6 31.8 -
Total Share Holders Equity (after deducting minority equity) 657.2 717.4 -8.391
Profit (Loss) per Share -0.05 0.58
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated Losses Capital
0 550,000,000
Element List Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year The decrease in Net profit in current Quarter as compared with the same Quarter of the last year is due to the following:

1- The seasonality in the Companys operation which negatively affected the revenues of entertainment centers as Eid Al Fitr Holidays occurred in Q2 from this year compared with Q2 and Q3 from last year.  Although there is an increase in revenues from Hotel Division due to opening of new hotels.

2- There is a decrease in operational profit due to opening of new entertainment centers and hotels which are still in rump up period and did not contribute to increase the net profit yet due to the recording of their pre-operating expenses , operating, administrative and marketing expenses. 

3- Decline in the Companys share in net result of joint venture

Reason for increase (decrease) in net profit for current quarter compared to the previous quarter The decrease in Net profit in current quarter as compared with the last quarter of the same year is due to the following:

1- The decline in hotel division revenues due to a decrease in demand from individuals and corporate sector on existing hotels on conferences, meetings and exhibitions. Also, the increase in market competition resulted in the decline of Average Daily Room rate and occupancy rate. On the other hand there was an increase in revenues from entertainment centers due to the seasonality in the Companys operation as Eid Al Adha and summer holidays occurred together in Q3 2018.

2-  Increase in other revenues in previous quarter due to the reversal of provisions for doubtful debts as some doubtful debts were collected during the second quarter of this year.

Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year The Reason of Occurring Net Loss in current period as compared with the same period of the last year is due to the following:

1- Although there is an increase in revenues, this increase resulted from the opening of new entertainment centers and hotels which are still in rump up period and did not contribute to increase the net profit yet due to the recording of their pre-operating expenses , operating, administrative and marketing expenses. It is worth to mention that there is a decline in demand from individuals and corporate sector on existing hotels on conferences, meetings and exhibitions. Also, the increase in market competition resulted in the decline of Average Daily Room rate and occupancy rate.

2- Entertainment Centers Revenues negatively affected as the Spring school holiday has been canceled this year and there is a decline in overall demand.

3- Decline in the Companys share in net result of joint venture

Type of the external auditor's opinion Unmodified opinion
Additional Information Total revenues during current quarter amounted to SR 315.52 million compared to SR 316.08 million for the same quarter of last year with a decrease of 0.2%.

Gross Profit during current quarter amounted to SR 75.3 million compared to SR 79.6 million for the same quarter of last year with a decrease of 5.4%.

Operational Profit during the current quarter amounted to SR 0.64 million compared to SR 7.2 million for the same quarter of last year with a decrease of 91.1%.

Net profit during current quarter amounted to SR 1.9 million compared to SR 9 million for the same quarter of last year with a decrease of 78.9% and compared to 3.1 million for the previous quarter in this year with a decrease of 38.7%

Total comprehensive income during current quarter amounted to SR 1.9 million compared to SR 9 million for the same quarter of last year with a decrease of 78.9% and compared to 3.1 million for the previous quarter in this year with a decrease of 38.7%

Total revenues during current period amounted to SR 894.13 million compared to SR 863.79 million for the same period of last year with an increase of 3.5%.

Gross profit during current period amounted to SR 202.45 million compared to SR 221.62 million for the same period of last year with a decrease of 8.6%.

Operational loss during current period amounted to SR -7.95 million compared to SR 23.86 million Operational Profit for the same period of last year with a decrease of 133.3%.

Net loss during the current period amounted to SR -2.49 million compared to SR 31.83 million net Profit for the same period of last year with a decrease of 107.8%.

Total comprehensive loss during current period amounted to SR -2.57 million compared to Total comprehensive Income amounted to SR 31.83 million for the same period of last year with a decrease of 108.1%.

EPS for the current period amounted to SR -0.05, compared to SR 0.58 for the same period of last year.

Total Shareholders Equity ( No Minority interests during the current period) amounted to SR 657.2 million compared to SR 717.4 million of the same period of last year with a decrease of 8.4%.

The company adopted IFRS 9 and IFRS 15 as at January 1, 2018 and resulted in a decrease in the Shareholders Equity by SR 7.5 million and SR 2.3 million respectively.

It is worth mentioning that an amount of 1.59 million has been reversed from Zakat provision due to the resolution/ruling issued from the Higher Appeal Committee in Zakat in favor of the company up until year 2011.

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